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PCAOB finalizes new standards on estimates, specialists

Tammy Whitehouse | December 21, 2018

Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.

The Public Company Accounting Oversight Board adopted a long-awaited new standard that replaces three prior standards to bolster the approach auditors must take when scrutinizing accounting estimates, including fair value. The standard directs auditors to focus on estimates with greater risk of material misstatement.

Prodding auditors to apply more professional skepticism, the standard will compel auditors to pay closer attention to the potential for management bias in establishing estimates. The new standard also gives auditors more explicit direction on auditing fair values of financial instruments...

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